Japan's crude buyers set to switch back to private insurance for Iran imports

Japan's crude buyers are preparing to move back to private insurers to cover transportation of Iranian oil after the European Union declared it would lift some sanctions for a period of six months starting Jan. 20, Reuters reported.

A Japan P&I Club official said the club would be able to recommence the $7.6 billion coverage for a vessel transporting Iranian oil. Japan has been providing a sovereign guarantee of nearly $7.6 billion in liability per tanker since the time E.U. and U.S. sanctions were imposed.